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Plumbing company Ferguson withdrew its guidance and reported lower third-quarter revenue as 'strong' momentum in February and March was offset in April following a downturn in demand amid Covid-19 lockdown measures.
'Due to the dynamic situation unfolding with COVID-19 the Company has withdrawn formal guidance,' the company said.
Revenue fell 2.2% in the third quarter, as a 15.3% decline in April offset 5.1% growth seen in the two months through March.
Gross margins were 40 basis points lower at 29.8% in the quarter.
Revenue in the U.S. grew just 1.9% following a 9.3% decline in April, with Canada and UK down 33.6% and 60.2% respectively.
'The major impact on volume continues to be highly correlated to the degree of disruption locally which has been variable across US states and localities,' the company said.
'Blended Branches revenue was down 15.3% in April and in the major hotspots, where infection rates have been highest, such as New England, New York, Michigan, the Pacific North West and Northern California revenue was down significantly, However, Waterworks grew revenue by 8.5% in April benefiting from fewer restrictions,' it added.
But its standalone eBusiness also grew revenue 14.6% ahead in the month as a result of strong consumer demand for home improvement products.